More Companies = More Choices = Better Malpractice Program
Operating a successful medical practice requires an insurance program unique to your practice. Your decision on Medical Malpractice advisor will have a direct impact on the financial stability and long term viability of your practice.
The Herlihy Insurance Group is one of the only New England advisors that can provide you with competitive options from the three leading malpractice companies:
Your Medical Malpractice Specialist
For over 80 years, The Herlihy Insurance Group has provided the solutions to physician’s insurance problems. We are specialists in the Medical Malpractice arena and can offer insight into current malpractice trends and insurance options on how your malpractice contracts are placed.
Above all, you receive an advisor that is working on your behalf, identifying problems and providing solutions. Our approach includes:
- Annual Market Analysis / Contract Comparison
- Coverage Options and Recommendations
- Claims Updates with Reserve Reporting
- On-Line Risk Management Assessments and Resource Library
- Litigation Support Program
- Designated Professional to Answer All Your Questions
Medical Malpractice: One of your most important professional decisions will be your choice in Malpractice advisor, company and contract. We work with multiple insurance companies to provide you options and develop a malpractice program specific to your group. Corporate, Physician Assistants, Nurse Practitioners and Employee vicarious liability are all addressed in your program
Office Property & Liability: Medical Businessowners or Physician Property and Liability, call it what you want, your ability to keep your practice in business and protected from financial loss is critical. Business Property, Building Improvements, Renovations, High Value Medical Equipment, Business Income, Premise Liability and Non-Owned Auto are just part of the conversation.
Workers Compensation: In Massachusetts (and most other states) Worker’s Compensation insurance for your business is required by law. Worker’s Compensation will provide medical and lost wages insurance for any of your employees injured while on the job. How and what company offers your Worker’s Compensation will determine what premium discounts or dividends may be available.
Medical Equipment: Just like all physicians are not the same, all medical groups are not the same and need to be evaluated individually. Ultrasound, Mammography, Bone Density, X-Ray and Laser equipment are excellent examples of valuable business property that needs specific protection. Don’t insure your high value medical equipment as you would the chairs in the waiting room.
Group Health Insurance: If your company offers Health Insurance to your employees, a Group Health Insurance Plan could provide a Health Insurance plan to any employee and any dependents of an employee.
All malpractice contracts are not created equally…
And all companies do not charge the same rate for their malpractice contracts. How do you know if you are receiving all the premium credits you have earned ? Good question!
Here are some common Credits and Discounts our physicians and medical groups enjoy:
Claims Free: Earn up to 30% credit with a clean claim history
On-Line Risk Management: Earn 5% credit for three years
Electronic Health Records: Earn 5% credit with a certified EHR
Limited Practice: Work 21 hours or less, up to 75% credit
Moonlighting: Primary coverage elsewhere, up to 75% credit based on hours worked
New to Practice: 50% and 25% credit available during the first two years in practice
Loyalty Years: Earn loyalty reward credits, 2.5% – 5% per year
Best Practices Seminars: Attend local Risk Management seminar, earn a 2.5% credit
Orthopedic Seminar: Massachusetts Orthopedic Association, 5% for three years
Scheduled Rating: Have better experience, classification or claims history than others; additional credits applied
Employment Practices Liability: Employee suits against medical group management and ownership for employment related claims. Gender/Age Discrimination, Sexual Harassment, Wrongful Termination, Emotional Distress, Americans with Disabilities Act Violations.
Billing Error Omissions: Protection from allegations of Medicare / Medicaid fraud, Billing coding errors or Commercial payor audits. Even with strong billing and security controls, medical groups of all sizes are vulnerable.
Cyber Liability / Data Breach: An illegal breach of your secure network, stolen laptop, lost thumb drive or employee error, all pose real threats . Answers to security breaches, patient notification, data recovery, and privacy regulations found in HIPPAA, Gramm-Leach Bailey and HITECH.
Fiduciary Liability: Owner, officer or trustee of 401-K plan or other qualified benefit plan, You can be held personally liable for allegations of errors, omissions, and breach of duty for losses on the plan.
Directors & Officers Liability: Not just for public companies, private companies also have a need for D&O Liability. Protection for managerial actions involving suits by employees, creditors, competitors, clients and regulatory agencies. Corporations and individuals are often named in suits.
Crime: Property insurance may not include crime coverage. Acts of employee dishonesty, forgery, computer fraud, funds transfer and extortion are often limited or excluded. Crime will fill the gap.
Business Overhead Expense: An owner or group partner is disabled due to injury or sickness. How does the group continue to pay expenses with the reduction in income? What financial obligation is owed to the disabled owner/partner? Income to pay ongoing; salaries, taxes, benefits, lease-mortgage, etc.
Long Term Care: Who will determine how and where your medical care is delivered when you can not? Home care, Assisted-living, Nursing Home or something else? Secure coverage when your health is good, costs are lower and may be part of your group benefit plan.
Why Should I Have Medical Malpractice Insurance?
Essentially you are your work, when there are suits for negligence, you are the target. Protect your reputation, your ability to continue to work, and your personal assets. Often times suits can be erroneous but still must be defended.
What Is The Difference Between An Occurrence and Claims Made Contract?
An Occurrence contract provides coverage for your work during the time period the contract was active. If the Occurrence contract was active at the alleged negligence date, the contract provides coverage. A Claims Made contract requires two conditions be met; 1) An active Claims Made contract at the time of the alleged negligence, and 2) An active contract (or Tail) at the time of the claim.
Are My Employees Covered Under My Malpractice Contract?
Each insurance company will have their own contract and intention on providing coverage for non physicians. Some companies will allow allied medical employees to share in the physician’s liability limits. Other companies require allied medical employees to purchase their own insurance.
Is My Corporation Included In My Malpractice Coverage?
A corporation is a separate legal entity and as such should purchase its own malpractice contract. Solo corporations may be included on an individual physician’s contract to share in the liability limits with the physician. When considering corporate, Nurse Practitioner, Physician Assistant, or Allied Employee coverage, ask questions.
What Is “Consent-to- Settle”? And Why Do I Care?
The Consent to Settle benefit in the malpractice contract is a great advantage for the physician. Consent to Settle benefit in your contract, the insurance company must receive your written consent before settling a claim. Without Consent to Settle, insurance companies will determine when and how to settle a claim with or without your approval. Your reputation and National Data Bank profile may be seriously impacted.
For more information regarding our medical malpractice programs, please contact:
John Herlihy, CIC, Director, Medical Malpractice Division
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